According to corporate gifting industry sources, the estimated market size is in the region of Rs12,000 crore for corporate gifts, and the same is projected to increase between 5 to 10 percent annually.
Keeping this in mind, emerging players from the domain are unleashing an array of exciting, end-to-end gifting solutions. The idea is to tap the immense business potential and opportunity in this particular segment that has been still unexplored to a large extent.
Of course, the competition is more intense and clients are getting extremely choosy. Those from the metro cities seek customized offerings for the branding purpose. Emphasis on their part is on proper packaging and attractive presentation to enhance their image. Companies located in tier II & III cities owing to constrained budgets are more conservative in approach. But there’s clear realization of the fact that gifts are a must to enhance the brand image.
An elaborate news report in The Economic Times highlights how corporate gifting industry players located in Noida and Greater Noida are gearing up to leverage the vast potential offered by the segment. Based on a series of interviews with the industry insiders, it makes some interesting observations about the current trends and corporate gifting market scenario.
For example, people in metro cities are more tuned to the prevailing market conditions and ground-level realities in terms of what is presently available and in demand, whereas those belonging to tier II and III cities are not averse to go with what is available instead of customizing their gift items because that is not feasible owing to lower budgets. The priority is to cut costs so they crosscheck with different gift providers so as to bargain harder and secure a better deal.
Despite tough market conditions, corporate entities especially from FMCG, travel & tourism, media etc stick to periodic gifting programs since these boost the morale of their business associates, lift the spirit of their employees and help them win client goodwill, thus nurturing mutually beneficial business relations with all stakeholders.
Source – Giftex